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and the fight under raising the debt ceiling underway, republican congressman john boehner was re-elected to a second term as speaker. house clerk karen haas gave the tally. >> total number of votes cast is 426 of which the honorable john a. boehner of the state of ohio has received 220. the honorable nancy pelosi of the state of california has received 192. >> eliot: while pelosi got solid support with five democrats voting against her a dozen conservative republicans either abstained or lined up against boehner casting votes instead or candidates including majority leader eric cantor of virginia and tea party firebrand allen west. perhaps nobody told them west lost his election. when pelosi handed boehner a symbolic people's gavel boehner resisted the temptation to use it on the rebels in his own caucus. he returned to his favorite topic, reducing the national debt. >> at $16 trillion and rising, our national debt is draining free enterprise and weakening. in our hearts, we know it is wrong to pass this debt on
are all tired of it. and yet you say we've got valentine's debt ceilings, st. patrick's day sequester and then the budget deal after that. is there any reason to believe it's going to be different? >> the only good thing is that everybody's engaged. americans know more about their economic issues and budgetary issues than we have in a long time. people are taking it seriously, and i think congress seems to be getting the message, don't worry about the media, worry about your constituents who are actually mad. they want to get something done. the biggest problem is there is a lot of misinformation about what is going on. margaret is not happy that i've been saying this. the gop needs to learn the difference between a debt and debt ceiling. the debt ceiling was put in there so the treasury didn't have to keep issuing bonds. most other countries when they issue legislation that has money, it is spent. america has an extra stopgap. it was not meant to control the treasury, it was the opposite, it's meant to give treasury enough room to issue bonds so they didn't have to keep doing it. usi
show" from new york. the republican propaganda effort on the debt ceiling ends here tonight. this is "the ed show." let's get to work. >> in a couple of months the president will ask us to raise the nation's debt limit. >> the debt limit fight has begun, and so has the deception on the right. >> no need for drama. and we don't want any. >> tonight, my breakdown of the republican strategy to hijack the economy, and how democrats plan to fight it. >> we cannot be about business as usual, and that's what my vote was. >> the 113th congress is sworn in, and the circus is already in full swing. richard wolffe on today's bizarre vote for speaker of the house and how the 113th congress could crash the economy. >>> plus, the sandy relief disgrace continues. >> your two senators packed this with pork. the speaker made the right decision. >> i'll talk to a business owner who can't survive until house republicans act quickly. >>> and the president has called bill o'reilly's bluff and raised his taxes. >> if barack obama begins taxing me more than 50%, which is very possible, i don't kno
of it. and yet you say we've got valentine's debt ceilings, st. patrick's day something questions sister and then the buck jet deal after that. is there any reason to believe it's going to be different? >> the only good thing is that everybody's engaged. americans know more about their economic issues and budgetaryd. they want to get something done. the biggest problem is there is a lot of misinformation about what is going on. margaret is not happy that i've been saying this. the gop needs to learn the difference between a debt and debt ceiling. it was put in there so the treasury didn't have to keep issuing bonds. most other countries when they issue legislation that has mo y money, it is spent. it's meant to give treasury enough room to issue bonds so they didn't have to keep doing it. using the debt ceiling and the ability to pay our bills for things we've already spent is just outrageous. it was outrageous in august and the republicans continue to use this language that somehow it's to control spending. it's just incorrect. >> so back them up only in the fact that there are plenty
weeks before the next major battle over the debt ceiling republican lawmakers are making it clear they are ready to fight the president. let's bring in our national political correspondent on capitol hill with the latest. >> it seems old habits die hard. remember the moments yesterday as members of 113th congress were sworn in? never mind. after surviving a failed coo led by his own members john boehner wants to take the same fractured party into battle. in a closed door meeting of house republicans a source tells cnn boehner said he will demand budget cuts larger than any increase in the debt limit. boehner told the members the focus turns to spending that puts republicans and congress back on a collision course with the white house after the president insisted he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they have racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table one top republican says it may be necessary to partiall
he go from here? has the battle over the debt ceiling and a possible government shutdown are all around the corner. but the gop has nothing but fiscal problems ahead of itself. nothing but problems. a few moments ago, new texas senator ted cruise told me that a government shutdown should be on the negotiating table that's what cruise said. >>> plus, we go out to san francisco, the middle east backed news network al jazeera is buying al gore's current tv for a whopping 500 million bucks. many believe al jazeera is nothing but pro-terrorist and anti-american and should not have a foot hold in the usa. >>> all right. first up tonight, high tension on capitol hill. house speaker john boehner barely held off a possible gop revolt over his speakership. republicans voted against boehner for speaker and five others abstained or voted present. washington editor for the national review robert costa was in the room. i think i had it wrong, nine nays, voted against him and one present. how tense, how close, what happened? >> larry, it was really tense. i was up there on the press gallery. i
and the need to raise the nation's debt ceiling. >> brown: still to come on the "newshour" tonight: weighing the fiscal cliff deal; charges in the india gang rape case; the country's crumbling sewage system and an expanding american reach for al jazeera. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: for another member of congress, today marked an especially momentous return to work. republican senator mark kirk of illinois suffered a stroke 10 months ago, and had to learn how to walk again. today, he climbed the 45 steps of the capitol, with vice president biden and west virginia senator joe manchin on hand for support. secretary of state hillary clinton will return to work at the state department sometime next week. clinton was discharged yesterday from a new york hospital, where she had been treated for a blood clot in her head. a state department spokeswoman said clinton is now resting at her home in new york, but wants to get back to washington. >> some of the senior staff who spoke to her half an hour ago said that she's sounding >> some of the senior st
done. two more problems coming up, the debt ceiling. and just this week people are getting paychecks for the first time that include that 2 percent increase in apparel tax. what the people make of this? >> a lot of people will be shocked because they remember the president saying, f you make less than $250,000 i guarantee you won't pay one more dime in taxes. well, they're paying lots of times and increased tax. a person making tricky thousand dollars is pro we going to be on the cross $1,600 additional money. if you're making 50,000, you don't have $1,600 of disposable income to give the government so they can waisted and borrow more money. it's going to it people hard. add to that the obamacare tax and then what states and local governments to doing. the economy will be in a world of hurt this year. gerri: and we can have a big tax resolution. the point that people really start seeing the impact of this, they may go with their feet and make calls to congress. who knows what's going to happen >> i do think that there is going to be a revolt, in large measure from people who voted f
interview. they would like to see no drama surrounding the debt ceiling to the association. they feel the economy would be in better shape if we did not have any drama. 72% of americans agree any increase in the nation that limit must be accompanied by spending cuts and reforms of a greater amount. that is the principle i laid out, boehner said. repeated a number of times since. it sounds like a dog will have plenty of drama in his debate. >> oh, i think there will be plenty of drama. they need to propose some spending cuts and take some leadership role in this. whether we accompany the debt ceiling increase with debt reduction, which, by the way, is the typical way things happen. that is business as usual. if the president wants to avoid drama, he should get a head of this. connell: let me ask you about the debt ceiling. i think it is a pretty interesting topics. we talk about free markets and interest rates going up. if we really believed in free markets, when it we just not have a debt ceiling? you'll not be able to borrow more money, interest rates will shoot up. why do we need a
postponed spending cuts for two months and left the debt-ceiling situation unresolved. "the big spending cuts didn't occur. we just don't know where those are at yet." and then there's the cost of obamacare. in some places, small companies are said to be preparing to downsize to get under the 50-employee cut-off. "companies just aren't taking chances. they're worried the economy will turn south. they're willing to stand pat rather than hire any time soon." sectors with the fewest layoffs include construction, retail, electronics, industrial goods, healthcare and government - the last two, healthcare and government, partly due to the ramping-up of obamacare. "they are hiring to create a cost-savings program for government to improve cost- efficiency. they hope to achieve a $400-million savings for an $80-million cost." for the year, the biggest reasons for layoffs were tied to company restructuring and closing of facilities. the deep political divide over whether to raise the debt ceiling is the next issue out of washington that could stall out business on wall street. republicans are vow
thing. we have to get through now the debt ceiling, so i don't think it's clear sailing by any means. i think you're going to see volatility, but look at the economic data here. i mean, the non-farm payroll numbers here were in line, but they are encouraging on the private sector job growth, encouraging on our hourly earnings, and i think even the ism services was quite encouraging, so the u.s. is actually on better footing, and i think we can handle all the tax implications and the spending cuts a little bit better, about trend line 2% gdp growth, nothing great, but certainly not like the recessionary fears of where we were a year ago, and then globally you've got china recovering in some of the other markets like brazil and india doing a little bit better. >> so it's all progress. we're not there yet. >> progress, yes. >> joe greco, spoke to you guys on the floor, and there's a group highly skeptical of this rally. they are not happy at all with what came out of washington, and there are plenty of you guys who are very positive like ralph. where do you stand right now? >> you know, i
into a recession. >> we're talking about the debt ceiling. >> what they also couldn't say is once we get to a bad june and the risk that washington, d.c. will destroy the economy drop, maybe we don't have to be so aggressive. but they can't admit that the roept they buy it this way is because they have -- but these minutes were before the fiscal cliff. >> i think the fed was so easy in part because -- >> oh, we should feel so good about what they came up with. no spending cuts and a just a big tax increase. gosh, they did such a great job. can you imagine the guy that will take a victory lap for not addressing our spending problems one iota? obama, how can you say you won and, gosh, be smiling and patting yourself on the back. >> because he defined the problem as not having enough tax revenue. but now we can see right after they do the cliff, we have s&p, moody's, the imf coming out and saying, this doesn't come close. the problem all along has been spending. t the republicans got the right issue and the wrong chart. >> the chart yesterday showed that the 65 billion this will raise in taxes and t
ceiling. it could be even nastier fight we just saw. democrats say they won't deal on debt limit what they did in the summer of 2011. republicans say, no this is what when we have to cut our spending and get our finances in order and how they resolve this in the next two months will be a very interesting dynamic to watch. in terms of actual tone and the nature of the congress, you've got a lot of democrats will say, you've gotten rid some of the tea party fire brand republicans as they call them and hopefully that would make for more cooperative environment. there are a lot of new members of the congress are elected, they really ran on being cooperative, bipartisan, being problem solvers. it's so divided congress, we've got a democratic senate and we've got a republican house who really don't see eye on eye on much of anything. i'm not convinced at this point that very partisan nature of congress that we saw for the next two years will be too different now. host: let's look at the members and how they voted and the key that we're looking at are the nine or ten republican who voted fo
term that include a super storm sandy relief bill. and a big measure to limit the nation's debt ceiling. by the way today they were reelected as speaker of the house, despite their own party that grew out of the fight. critics call them a megomaniac. now you might think that the anti-tax crew saider -- crusader would be lying low. but bruce leshan reports that they are keeping anything, but quiet. >> no, i'm disappointed that we were not able to continue all the 2001 to 2003 tax cuts. >> reporter: the days are filled with the media interviews and he is putting his best spin. on the first republican vote to raise taxes in 22 years. >> they were scheduled to go higher if congress had not acted. they were scheduled to go higher than everybody. >> reporter: they have all signed their pledge, never to raise tax rates on anyone as he insists the new year's day vote, they did not break that promise. >> on december 31 they would have broken that pledge. about that, i think we'll send the next two years focused on, you know, the obama white house in the fight on spending. >> so you think that yo
expectation. how much concern do have you about a fight over the debt ceiling? >> i think the debt ceiling is a dangerous thing to fight over. it did not go well in 2011. i hope we get a better and smoother resolution this time than we did that time. >> do you think that -- do you want congress and washington right now to be cutting spending? is that something that concerns you right now? >> well, i'm a monetary policy guy, so it is not up to me to recommend on this. but i do think that if you could set -- you know, get rid of the longer medium term and longer run on certainty about the u.s. fiscal outlook, i think it is a tremendous help for the u.s. economy. you only have so many dollars to spend. decide how you want it raise the money. >> easy for to you say, have you a lot of dollars to spend. you get to print them. >> indeed we do. >> thanks for joining us today. >> thanks for having me. >> jim bullard st. louis fed president. tyler, back to you. >> we print them, we print the money. jonathan, good to see you. kelly, let's get your reaction. i guess the reaction on the table, is when
in the ranks. we have a debt ceiling to tackle and continuing budget resolution. a whole lot of other stuff to do here. democrats have gained members. republicans still control the house. what's your sense of how both sides will handle the next round of negotiations? >> well, fresh faces but not really fresh fights. we expect republicans to continue to talk about the need to rein in government spending. probably a little more of the same. he spoke a little about this just after winning that vote yesterday. he talked about the debt ceiling. let's listen to that. >> the american dream is in peril so long at its name sake is weighed down by this anchor of debt. break its hold, and we begin to set our economy free. jobs will come home and confidence will come back. >> and so that's the republican argument here, spending cuts. the democrats, of course, are going to continue to argue for balance. president obama has said he's not going to have a debate with congress over raising the debt ceiling and making sure america can pay its bills, but as we saw the last time, that's not really up to the pr
to stop at some point. we're going to see the debt ceiling now present itself. are we going to see an ugly repetition was a debacle in 2011 that cost investors, the market cap number, but somewhere around a tri trillion dollars, we don't need any more of that. >> no, but at the end of the day there will be more fights, this is where we are as a nation. when you are 16.5 trillion in debt we'll have fights like this, i best compare it to a marriage that husband and wife go deep into debt, creditors call, and they start fighting as a couple. we see millions of couples in america break up because they are in too much debt, they fight about it the house and senate look a lot like america in the fighting we have about we understand we have too much debt, we understand we have too much spending but battle is where do you cutback. no single vote will fix this. lou: but if there is any more of the irresponsible nonsense over a debt ceiling, independence and democrats and many conservatives will be disenchanted with the republican party. i think you have to began kid and say, -- candid and say that
of the so-called fiscal cliff. the new congress faces another looming showdown over the debt ceiling and possible spending cuts delayed under the fiscal cliff deal. john boehner addressed the debt thursday in his opening speech. >> as speaker, i pledge to listen and to do all i can to help all of you carry out your oath of office that we are all about to take. because in our hearts we know it is wrong to pass this debt onto our kids and grandkids, now we have to be willing, truly willing to make this problem right. >> house speaker john boehner faced a massive backlashes week after initially canceling a vote on relief for superstorm sandy. the house is expected to vote on the first round of aid today. gun-control advocates introduced legislation on the first day of the new congress to ban high- capacity ammunition magazines in recent -- used in recent massacres including the one at sandy hook last month. carolyn mccarthy of new york said the assault magazines help put the mass in that shooting and anything we can do to stop their proliferation will save lives in america. she lost her
, that one vote could be important. host: and facebook, it, president obama thought raising the debt ceiling was a bad idea -- facebook comment, president obama thought raising the debt ceiling was a bad idea when bush was president and said he would not vote for it, but later voted present. guest: with this a filibuster debate that is going on now in the senate between the republicans and democrats, if you go back and read the comments, they were reversed in 2005 when the democrats were filibustering george bush's traditional nominations. i think it is important to do these things on their merits. i think senator obama's vote was a mistake. if there is any truth in this town, it is that there is no dearth of blame to go around. host: how much time did you take to consider the caucus? guest: i did not make a decision during the campaign. i was asked a question almost exclusively by washington journalists. i was virtually never ask the question by people in maine. most people in maine did not care. they said, go down there and try to get something done. one guy yelled across the diner, i did
deadline for the quester when that kicks in. there will be debate about that and the debt ceiling in march. there's going to be the continuing resolution that expires on march 27th. when i look at things like the debt ceiling or credit rating of the united states, that's a non-issue. you're right. that's the thing we should have learned back in august 2011. people don't pay attention to the credit rating agencies anymore, especially when it comes to sovereignty debt. >> if they cut enough time it starts to impact what the government has to pay for their debt. >> look at every institutional investor -- >> if it goes low enough some treasuries couldn't buy those because the rating wasn't high enough for them. >> if you look at every single institutional investor, they define that a u.s. treasury security is a separate investment independent of its credit rating. >> because it implies a aaa credit rating that it doblt even have right now. >> interest rates that the united states pay is what the united states want to charge it. >> why rate? >> i agree. >> it's pointless. >> they shouldn't. >>
there is still plenty to worry about like the debt ceiling fight for example. wall street's fear index is sliding to the lowest level in three months. what is the vix trying to tell us? sandra smith is trying to tell us in today's trade. sandra? >> yeah, it is a bit confusing, melissa, right? you're talking about the fear in the marketplace about the looming debt crisis however the vix is showing no fear in the marketplace. it sold off 33% in the past three days. mark, you're expert in all things the volatility index, which the fear gauge has many people know it, why such a huge selloff when we are facing a looming debt crisis? >> one thing to remember about the vix, it is 30-day duration. so it is looking out about a month. that is well ahead kind of the next, major, major crisis which we're looking at more like a 60 than 80-day time frame. options prices in the near term are telling us you know the market is not going to do much for the next 30 days or so. that's why i think we've seen such a crushing of the vix. all the news is out that is going to happen, in january and early february. >> so
. congress is already bracing for its next fight. which is the debt ceiling debate. and the democrats aring sending a clear message. they plan to win that battle and they will not negotiate over the debt ceiling. both house minority leading nancy pelosi, and senate majority leader harry reid today said the president should step in and exert his executive power to win the debt ceiling fight. and senator chuck schumer said that going forward the democrats would be tough in feeling with the obstructionist republicans. >> if they realize for sure that they are not going to have a negotiating partner, they will have to find another route to bring the changes they want. >> jennifer: no negotiations, no partnership, smart thinking but perhaps the most unlikely voice of reason today was former house speaker newt gingrich. he called on house republicans to stop playing politics with the economy. newt gingrich. >> they have got to find in the house a totally new strategy. the whole national financial system is going to come into washington by television and say oh, my god this will be
will begin a couple of months from now, probably in late february, early march, when we hit the debt ceiling and when the automatic spending cuts come into play again, and either have to be replaced with other spending cuts, or again, kicked down the road. >> reporter: these are the same issues that snarled congress in the summer of 2011, and again during the fiscal cliff debate. there's little hope for a better outcome this year. president obama has promised not to negotiate with the new congress on raising the debt ceiling, but republicans are ready to use it to force major federal spending reforms and tame the national debt. right now, the u.s. owes $16 trillion, but some calculate our total liabilities much higher. and as congress jumps from small deal to small deal as they have been, analysts worry big problems are just getting bigger. >> $60 trillion is a conservative estimate of our unfunded liabilities of medicare social security, and medicaid put together. that's scary. and, the fact of the problem of $2 trillion solutions to $60 trillion problems, you see the occasion of the lack o
: fights over the sequester and the debt ceiling coming around march first. and as sylvia hall reports, there are low expectations lawmakers can get the job done peacefully. >> reporter: returning lawmakers didn't get much of a break after that bruising fiscal cliff battle. they're back in washington today, swearing in the new congress. demographically, it's the most diverse group ever sworn in. but politically, this congress is expected to deliver the same gridlock as the last one. >> the problem is that the congress is very vided, not only are the two houses divided, but each party is further away from the middle than has been in the past, and the public- the american public itself, is very divided. >> reporter: they'll start the year by tackling some big issues left over from last session. first in the house, a bill to help victims of superstorm sandy. house speaker john boehner nixed the vote in the last hours of 2012, drawing a firestorm of criticism. it comes up in the house in two parts- the first tomorrow, and the other mid-january. >> the next act will begin a couple of months
: the debt ceiling battle be avoided thanks to a coin? one point with the choice in dollars. liz: and his name is clear. the man who ran to of warren buffett's top businesses. it no more sec investigation into whether he has done some trading and investing. he spoke to fox business. wait until you hear what he has to say. ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right aft they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd
and it looks like republicans want to hold the debt ceiling as leverage to get the spending cuts that they so desperately want and many say this country needs, what is that going to do for uncertainty and jobs in 2013? >> jumping off the fiscal cliff is nothing compared to blowing through the debt ceiling. here is why. the fiscal cliff was something created out of congress. it was sort of a manufactured crisis. now, the debt ceiling is for real. we come up against a borrowing limit and the government has to stop paying bills and it is a blunt instrument. i don't think either side wants to blow through the debt ceiling. i think we have to take a little bit of this blusterer with a grain of salt. what we want to take away from this whole period of time. when the government cuts spending it has a negative impact on growth. in the short run it hurts growth. if you look over in europe and austerity measures and governments pull back not so good for economic growth. when we say we want to fix the debt and deficit we have to be careful how soon and how quickly it occurs. >> kind of like after the ho
the first few months, lawmakers face a looming government shutdown and battle over the debt ceiling and automatic spending cuts. former republican congressman jim nussle says this new crop has a tough job. >> what just happened with the debt and the deficit and the taxes, that doesn't go away. >> reporter: democrats still control the senate. and republicans the house with the same leaders returning. >> we're sent here not to be something but to do something. [ applause ] >> reporter: kildee says he's up for the job. >> while it's daunting, this is what i'm ready for. i'm here to work. >> reporter: his first major vote will be friday when the house takes up part of the superstorm sandy relief package. danielle nottingham, cbs news, washington. >>> and hillary clinton plans to return to work next week to finish out her term as secretary of state. she was released yesterday from a new york hospital where she was being treated for a blood clot. it was the latest in a string of medical problems that sidelined the nation's top diplomat for nearly a month. her doctors expect her to make a
one of the sandy relief package today. >> but with the debt ceiling and deep spending cuts looming and a budget crisis coming up, will congress get more done than its predecessor? steve la tourette, chair of a republican advocacy group. he was a republican senator from ohio. you get the sense he's glad to be gone. >> i didn't think this is what retirement looked like, though. >> i have to start out by asking, yesterday a rather interesting day on the house floor. former colleagues re-elected speaker boehner as speaker of the house. there were a number of members, more than 10, who either didn't vote or voted against him. what do you make of the statement they were delivering? what do you think they were saying? >> it is not horribly unusual, it's the fourth time it's happened in my time here in washington. the first one with newt gingrich and then nancy pelosi lost some of her members and jim trafficant voted for dennis hastert. it's really not a good way to start your career. >> you talk about how you weren't expecting retirement to look like this, congressman. let me point out th
is what wrangling in washington over spending cuts and the debt ceiling will mean for hiring. companies continued adding jobs even with the uncertainty over the fiscal cliff. and, many economists believe firms will increase payrolls this year in spite of the debt ceiling debate. >> i don't think that the spending cuts will be as significant headwinds for the u.s. economy because these spending cuts are made over ten- year period. there won't be a significant amount of spending cuts that will take place in 2013, so that's why i think it's less of an issue. >> reporter: still, there's ample concern about what the expiration of the payroll tax cut will mean for spending and ultimately hiring. don't forget all americans will see a smaller paycheck this year, because of that change. >> consumers aren't well poised to absorb a 2% tax increase and nonetheless that's what's going to happen, and it's going to keep us stuck in this slow growth territory. >> reporter: and, slow economic growth makes companies less confident about adding new workers. as a result, it is widely predicted that this ye
believe because you have a debt ceiling issue, otherwise we'll have sequestration. >> you can move the goal post. >> well, i believe that $1.2 trillion is a good goal over the next 10 years. neil: $1 to1.2 trillion that isa rounding error. >> we take 10% off everything, there are programs i would like to eliminate and keep others. but you know, there were a couple things that happened we made. first of all, yes taxing the go up on those people who as a couple make $450,000, and capital gains and dividend will go up, i want to thank those people. they are some of the first to put manage on the table. and we should not demonize them as wealthy, it is a great thing you grew up in america or come to america, and strife to make a business or do something or have an idea to become successful, and you many money from it, that is greater, that is what makes america, those people who have, i want to thank them personally for the fact they are going to help us. right now in this time period. there are also, the 2% increase that go back t to payroll tax, t now coming back, that is money that
few months, lawmakers face a looming government shutdown and battle over the debt ceiling and automatic spending cuts. former republican congressman jim nussle says this new crop has a tough job. >> what just happened with the debt and the deficit and the taxes, that doesn't go away. >> reporter: democrats still control the senate. and republicans the house with the same leaders returning. >> we're sent here not to be something but to do something. [ applause ] >> reporter: kildee says he's up for the job. >> while it's daunting, this is what i'm ready for. i'm here to work. >> reporter: his first major vote will be friday when the house takes up part of the superstorm sandy relief package. danielle nottingham, cbs news, washington. >>> did you change something? >> drivers with one thing in common. how the dmv says they make our streets more deadly. >> is tuition going up all the time? why some california students might be able to pay a flat rate for a college degree. ,,,,,,,,,,,,,, driving. the research released todayy th shows men >>> here is something that may startle
. >> you fudged it in this one you'll do it again. >> we do have the debt ceiling issue otherwise we'll have sequestration. >> these automatic cuts, you can move the goal posts. >> well, i believe that 1.2 trillion is a good goal to cut over the next ten years. the fact that we-- >> and that's a rounding error, that's a rounding error worth of medicare. >> 10% off of everything, i mean, there are actual programs where i would like to eliminate and i would like to try to keep other programs, so, that's important. but you know, there were a couple of things that happened in this deal that we made. first of all, he yes, taxes will go up on those people who as a couple make $450,000, some capital gains and dividend will go up some percentage, but i want to thank those people because they're some of the first to put something on the table and i don't think we should demonize them as the wealthy, it's a great thing if you grow up in america or come to america and strive to make a business or do something or have an idea to become successful and you happen to make money from it, it's even g
government shut down, risking not raising the debt ceiling, is playing with fire, and it is my strong recommendation to my caucus, to the house democratic caucus, and to the president that we make it clear, not in the middle of february, but from next week on that we are not on to do that. if anyone wants to come in and negotiate and says we will do this only -- we will raise the debt ceiling only if you do a, b, c, will not have a good negotiating partner. i would bet that they not go forward with that. if they are convinced -- those who want to use the debt ceiling as a tool to bring change that they want, if they realize for sure that they are not on to have a negotiating partner, they will have to find another route to bring their change. the only way they get leverage is when they think we might negotiate on this issues. it is very sad 2011 when that happened, and i think there's a strong consensus not to repeat what i would call, what most of us would regard, as a mistake. ok, thank you, everybody. [captions copyright national cable satellite corp. 2013] [captioning performed by
right, so the sandy aid bill will be the first big spending vote. the debt ceiling comes up at the end of february and will you vote to increase the debt ceiling? >> well, i have to see what is presented, but i would be hard-pressed to vote for that. you know, at what point do we stop this? the most tangible example that i could give to someone watching right now, maybe a mom, a dad, a hard-working american, if you had a financial adviser that put you $2 million in debt, ripped through your savings, ripped through your college savings for your kids, and then told you that you need more money, they need more money to solve the problem, would you give the financial adviser more money to solve the problem and the answer is no. we need to stop the spending and it's not just about cutting, victor. it's about saving. it's about saving medicare. it's about saving social security and until we have true reform, tax reform and reform on medicare and social security, only then will we begin to save it for today's generation, and people like my kids. >> congressman trey radel, i'm still going to c
for federal spending expires, and the nation reaches the debt ceiling limit. but it looks like president obama will be going into this fight with a new treasury secretary. treasure secretary timothy geithner, a major player in the budget and the debt ceiling has made it clear he wants out after the inauguration. a treasury official says treasury secretary geithner had previously stated he plans to be around until the inauguration. he told the president he wanted to leave in mid-2011. he stayed through the november re-election at president obama's request but has made no secret of his intention to leave before the next round is complete. >> have you agreed to stay until march or april? >> i have agreed to stay until mid-january. and i think the president is going to have a successor in place who can serve him for four years. >> reporter: it comes as the white house faces huge fiscal challenges in the next three months and republicans in congress are battling over spending cuts and entitlement reform. >> the big battle is yet to come, and it's over the debt ceiling. >> reporter: in late february
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